1 Important Disclosures
This document shall not constitute an offer to sell or the solicitation of any offer to buy an interest in Seanergy Maritime Holdings Corp. (the “Company”). This document contains forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding the Company’s management’s expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate“, "believe“, "continue“, "could“, "estimate“, "expect“, "intend“, "may“, "might“, "plan“, "possible“, "potential“, "predict“, "project“, "should“, "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: changes in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; changes in seaborne and other transportation patterns; changes in the supply of or demand for dry bulk commodities, including dry bulk commodities carried by sea, generally or in particular regions; changes in the number of new buildings under construction in the dry bulk shipping industry; changes in the useful lives and the value of the Company’s vessels and the related impact on the Company’s compliance with loan covenants; the aging of the Company’s fleet and increases in operating costs; the Company’s ability to achieve successful utilization of its expanded fleet; changes in the Company’s ability to complete acquisitions or dispositions; risks related to the Company’s business strategy, areas of possible expansion or expected capital spending or operating expenses; changes to the Company’s financial condition and liquidity, including its ability to pay amounts that it owes and obtain additional financing to fund capital expenditures, acquisitions and other general corporate activities; changes in the availability of crew, number of off-hire days, classification survey requirements and insurance costs for the vessels in the Company’s fleet; changes in the Company’s ability to leverage the relationships and reputation in the dry bulk shipping industry of its managers; changes in the Company’s relationships with its contract counterparties, including the failure of any of its contract counterparties to comply with their agreements with the Company; loss of our customers, charters or vessels; damage to the Company’s vessels; potential liability from future litigation and incidents involving the Company’s vessels; the Company’s future operating or financial results; the Company’s ability to continue as a going concern; acts of terrorism and other hostilities; changes in global and regional economic and political conditions; risks associated with operations outside the United States; changes in governmental rules and regulations or actions taken by regulatory authorities, particularly with respect to the dry bulk shipping industry; and other factors listed from time to time in the Company's filings with the SEC, including its most recent annual report on Form 20-F. These factors could cause actual results or developments to differ materially from those expressed in any of the forward-looking statements. Consequently, there can be no assurance that actual results or developments anticipated in this document will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. Given these uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. While all the information in this document is believed to be accurate, the Company makes no warranty, express or implied as to the completeness or accuracy of such information, nor can it accept responsibility for errors appearing in the document. Certain information contained herein has been provided by third parties and has not been independently verified, and the Company does not represent or endorse the accuracy or reliability of any such information. This document is subject to revision and amendment without notice and without obligation to notify any recipient of any such amendment. Past performance should not be construed as an indicator of future results. No representation is being made that a portfolio managed by the Company in accordance with the parameters in this document will achieve profits or losses similar to those set forth herein. There can be no assurances that an investor will have returns on invested capital similar to the returns presented or projected herein. Investing in the maritime sector involves a substantial degree of risk, and nothing herein is intended to imply that any investment may be considered “conservative”, “safe”, “risk free” or “risk averse”. There is no guarantee that the Company’s investment and risk-management processes will be successful, that the Company will achieve its objectives or that the Company will avoid losses. Any historical information shown herein is for informational and comparison purposes only, and there is no implication or guarantee that an investment in the Company or any investment made by the Company will actually realize return profiles similar to the returns suggested implied or anticipated. 2019-03-28
2
Company Highlights
▪ The only US listed “pure-play” Capesize dry bulk company
▪ Modern, high quality fleet of vessels, all built by reputable shipyards in S. Korea and Japan
▪ Experienced management team and committed major shareholder
▪ Solid corporate governance – no related party transactions in ship management/operations
▪ Strong commercial ties with leading dry bulk charterers and major miners
▪ Balanced chartering strategy with increased period employment
▪ Low Capesize acquisition costs and a competitive cost structure
Seanergy is a strong value play in the dry bulk Capesize sector, well positioned to capture significant upside potential
4 Seanergy Maritime Holdings Corp.
▪ Owner and operator of Capesize dry bulk vessels NASDAQ Ticker: ▪ Offices in Athens and Hong Kong
▪ Modern fleet of 10 Capesize vessels Share Price:1 $4.94
▪ Built exclusively in S. Korea and Japan Basic Shares Outstanding: ~2.8 million
▪ Combined cargo capacity of Float Shares (Ownership): ~1.5 million (~54%) approximately 1.75 million dwt Daily 3-m Average Volume:1 ~38,000 shares ▪ Average age of 10 years Total Assets ~$267.6 million ▪ Positioned to take advantage of market opportunities arising from favorable industry Basic Market Capitalization:1 ~$13.9 million fundamentals and the introduction of new environmental regulations Major shareholder’s Ownership:2 ~70% ▪ Growth through accretive transactions 1. Closing as of March 27, 2019 2. On a fully diluted basis
5 Operating Fleet Profile
Type of Vessel Name Vessel Class Year Built Capacity (dwt) Yard Employment Partnership Capesize 2012 179,213 T/C Index Linked1 Hyundai Championship Capesize 2011 179,238 T/C Index Linked2 Sungdong Fellowship Capesize 2010 179,701 Spot Daewoo Knightship Capesize 2010 178,978 Spot Hyundai Lordship Capesize 2010 178,838 T/C Index Linked3 Hyundai Geniuship Capesize 2010 170,058 Spot Sungdong Premiership Capesize 2010 170,024 Spot Sungdong Squireship Capesize 2010 170,018 Spot Sungdong Gloriuship Capesize 2004 171,314 Spot Hyundai Leadership Capesize 2001 171,199 Spot Koyo - Imabari Fleet Ave. Age / Total dwt: 10.0 1,748,581
1. T/C to major European utilities company. The vessel was delivered on December 7, 2018. The net daily charter hire is calculated at an index linked rate based on the five T/C routes rate of the Baltic Capesize Index. Re-delivery is expected between May and August 2019. 2. T/C to major European charterer. The vessel was delivered on November 7, 2018. The net daily charter hire is calculated at an index linked rate based on the five T/C routes rate of the Baltic Capesize Index. Re-delivery is expected in November 2023 or extended until March-May 2025, charterer’s option. 3. T/C to major European charterer. The vessel was delivered on June 28, 2017. The net daily charter hire is calculated at an index linked rate based on the five T/C routes rate of the Baltic Capesize Index. Re-delivery is expected in April 2019.
6 Company History
2018 2019 2007 – 2014 2015 – 2017 Balance Sheet Further Expansion Original Operations Re-launch & Rapid Expansion Optimization & Capesize Pure Play Positioning
▪ Established in ▪ 2015: Acquired its first Capesize ship, ▪ Optimized balance sheet ▪ Continued focus on 2007, public in followed by the en-bloc acquisition of 5 by refinancing $48m in additional growth 2008 Capesize vessels and 2 Supramax vessels debt through $70m of opportunities in the ▪ Fleet size peaked ▪ 2015: Raised $179m in secured debt to fresh bank debt and Capesize sector in 2012 with 20 dry support vessel acquisitions leasing transactions ▪ Balance Sheet bulk ships ▪ 2016: Acquired 2 Korean built Capesize ▪ Sold two Supramax deleveraging and ▪ 2012-2014 sold all vessels at historically low costs vessels becoming the maximizing initial fleet and only publicly quoted shareholder returns ▪ 2016: Raised $25.5m through public equity Capesize pure-play overhauled offerings and $38m in secured debt balance sheet ▪ Acquired M/V Fellowship ▪ 2017: Acquired 1 Korean built Capesize increasing the Capesize ▪ Eliminated more vessel than $345m of fleet to 10 vessels liabilities ▪ 2017: Raised additional public equity & ▪ Reached agreements secured debt and re-financed $39.5m in with major charterers to ▪ Emerged with zero debt at a significant discount liabilities, retained install scrubbers on 50% NASDAQ listing of the fleet
Ship acquisitions between 2015 and 2018 totaling ~$300 million
7 Experienced CEO, Board of Directors and major shareholder
▪ 20+ years successful track record in shipping and finance ▪ Extensive experience with shipping transactions on NYSE and NASDAQ Stamatis Tsantanis ▪ Raised more than $2.3 billion in equity and in secured and unsecured debt on major capital markets Chairman & CEO ▪ Significant experience in building successful ship technical management platforms ▪ Proven track record in building and developing notable shipping companies (public and private)
▪ Five board members, 4 of whom are non-executive directors and 3 of whom are independent ▪ Aggregate 100+ years of relevant shipping experience Directors ▪ Significant experience in ship owning, operations and management, shipping related banking, financial consulting and auditing as well as dry bulk commodities and freight trading
▪ Claudia Restis served as a director and officer of numerous companies engaged in shipping, finance and property development as well as on the board of several charities ▪ Claudia is the founder of the Macias Restis Foundation, established in memory of her late father and family shipping group founder, Stamatis (Macias) Restis Restis - Breibart Family Major Shareholder ▪ Evan Breibart has over 27 years of experience in shipping M&A, finance, commercial and corporate law as well as private investing. Served as a director and officer of numerous shipping companies and a major dry bulk freight trading group ▪ Evan is a qualified English solicitor and a US attorney. Practiced law with leading London based shipping and finance firms and served as general counsel of the Restis family shipping group until early 2012
8 9 Strong Relationships with Major Charterers
▪ Our diverse customer base includes the world’s largest miners, trading companies and cargo operators ▪ High quality vessels and first class fleet operations provide chartering competitiveness and flexibility
Seanergy enjoys market recognition as a quality and reliable operator
10 Unique Approach to IMO-2020 Compliance
Daily Time Charter Firm Vessel Name Year Built Funded by Charter Start Optional Period Rate Period
Championship 2011 Index-Linked Charterer 4Q 2018 5 years 18 months Partnership 2012 Index-Linked Charterer 3Q 2019 3 years 1 year1 Lordship 2010 Index-Linked Charterer 3Q - 4Q 2019 3 years 1 year Premiership 2010 Index-Linked Charterer 4Q 2019 3 years 1 year2 Squireship 2010 Index-Linked Charterer 3Q - 4Q 2019 3 years 1 year2 ▪ Seanergy has agreed to install scrubbers on five vessels in collaboration with three charterers. Under the agreements our vessels will be employed on time charters with firm periods ranging from three to five years in duration
▪ Installation capex covered fully by charterers. Seanergy is entitled to profit-sharing agreements based on the price difference between High-Sulphur and Low- Sulphur fuel
▪ Index-linked time charter rate: Seanergy retains exposure to positive trends in the Capesize market
▪ On three of the agreements, Seanergy has the option to fix the daily rate at the prevailing level of the Forward Freight Agreement
▪ Approximately $12 million to accrue to fleet NAV, without any investment by Seanergy
▪ Ensured compliance with IMO-2020 rules while retaining exposure to positive Capesize fundamentals, without taking a direct view on market uncertainties that are exogenous to the dry bulk market
▪ Three options to install additional scrubbers before 2020 leave open the possibility for Seanergy to take a more active approach
1. Two optional Periods of 11-13 months each 2. Direct continuation of the existing T/C with the same charterer
11 Low Operating & Acquisition Costs
DailyDaily OPEX 5yrs old Capesizes (incl. Management Fee) (incl. Management Fee) 60,0 $5,800$5.800 54,0 $5,700$5.700 50,0 48,4 $5,600$5.600 $5,513$5.513 $5.463 $5,500$5.500 39,0 40,0 $5.400 $5,400 33,9 $5,300$5.300 $5,163 30,0 $5,200$5.200 29,5 $5,100$5.100 20,0 $5,000$5.000 $4,900$4.900 10,0 $4,800$4.800 $4,700$4.700 Capesize Capesize 0,0 Seanergy FY 2017 5 year average 10 year average 15 year average 20 year average FY 2018 Moore Stephens OpCost 2017 Moore Stephens OpCost 2017 5yrs old Capesize Value Seanergy Acquisition Cost
Source: Seanergy accounts, Moore Stephens OpCost 2017 report Source: Clarksons Research
12 High Quality Operator with Solid Corporate Governance
Top quality operations and technical management ▪ Our experienced in-house team closely monitors and supervises all key aspects of operations and the technical management of our fleet ▪ Vessel operations, dry docks, major purchasing, insurance, claims handling and third party technical management supervision functions are performed in-house by highly qualified professionals ▪ We have invested in advanced technology to monitor fleet performance in real time ▪ We have implemented a program ensuring our fleet complies fully with new 2020 environmental rules
No related-party transactions in ship management ▪ V. Ships Cyprus, an unrelated third party, undertakes the day-to-day technical management of our vessels ▪ Fidelity Marine, an unrelated third party, undertakes on an exclusive basis the commercial management of our fleet
▪ No related-party transactions associated with ship management or ship operations ▪ Established internal control policies and procedures overseen by an experienced internal auditor ▪ Enhanced transparency through SEC and NASDAQ mandated financial reporting and disclosures
13 Vessel financings1
Bank / Capital Provider Facility Vessels 2 senior facilities Leadership; Squireship 1 senior facility Partnership; Scrubber of Premiership and Squireship 1 senior facility Geniuship & Gloriuship 1 senior facility Premiership & Fellowship 1 senior facility Lordship finance lease Knightship finance lease Championship Jelco Delta2 2 junior facilities Lordship, Knightship & Partnership
▪ 6 bilateral senior secured loan facilities and 2 finance leases ▪ Total debt of $215 million as of December 31, 2018
1. Excludes convertible promissory notes 2. An entity affiliated with our principal shareholder
14 15 Dry Bulk Industry Supply & Demand
Supply Dynamics ▪ Fleet growth increased by 3.0% in 2018 compared to a 15-year average yearly growth rate of 7.1% ▪ Expected fleet growth of 2.9% in 2019, 2.9% in 2020 and 2.0% in 2021 ▪ 2020 Environmental Regulation compliance could materially reduce fleet capacity from Q3 2019 Source: Clarksons Timeseries, Jefferies
Demand Dynamics ▪ Robust demand growth since 2010 ▪ World dry bulk trade increased by 2.3% in 2018 ▪ The growth trend is likely to continue in 2019
Source: Clarksons Timeseries
16 Capesize Supply / Demand Fundamentals
▪ Asset prices and charter rates have recovered from historical low levels but remain below historical averages ▪ 2015 – 2018 Capesize spot earnings have averaged $11,800 vs. the long term historical average of $28,000 (1990 – 2018) ▪ Robust trade volumes are expected to continue through 2020 with a higher ton-mile effect ▪ Shortage of tonnage is expected to lead to spikes in charter rates and to a significant increase in Capesize values ▪ Scrubber retro-fittings in 2019 and slow steaming to mitigate compliant fuel costs will likely reduce vessel supply
Baltic Capesize Index (BCI) averaged 2,091 points in 2018, which is 103% higher than the average 1,032 points in 2016, but still lags the 15-year average of 3,647 by 43% Source: Seanergy analysis, Clarksons Timeseries
17 Capesize Sector - Compelling Investment Opportunity
Capesize Historical Time 5-yr old 10-yr old Significant upside potential Charter Earnings Cape price Cape price (in $)1 (in $ million)2 (in $ million)3 15-yr average 34,600 54.2 38.9 15-yr (excl. peaks and troughs) 23,700 44.3 31.8 March 2019 6,1004 31.0 24.5 1. Weekly Average of Capesize Spot Earnings; Source: Clarksons Timeseries 2. Capesize 180K 5 Year Old Secondhand Prices; Source: Clarksons Timeseries 3. Capesize 180K 10 Year Old Secondhand Prices; Source: Clarksons Timeseries 4. March 2019 Year to Date
The Capesize sector is recovering from its all time lows, presenting a compelling opportunity to profit from a rebound in freight rates and asset values ▪ 5yr old Capesize vessel price (~ $31 million), 43% below the 15-yr historical average ▪ 10yr old Capesize vessel price (~ $24.5 million), 37% below the 15-yr historical average ▪ Capesize Spot earnings (~ $6,100), 82% below the 15-yr historical average
Superior medium-term returns achieved through vessel acquisitions at historically low prices, cost efficient operations and improved charter rates
18 Financials Summary
1. Fleet utilization is the percentage of time that the vessels are generating FY 2018 FY 2018 FY 2017 revenue, and is determined by dividing operating days by ownership days for vs FY 2017 the relevant period. Fleet Data: 2. Time Charter Equivalent (TCE) rate is defined as our net revenue less voyage expenses during a period divided by the number of our operating Operating days $3,902 $3,837 2% days during the period. Voyage expenses include port charges, bunker (fuel Fleet utilization1 99.3% 99.3% oil and diesel oil) expenses, canal charges and other commissions. We include TCE rate, a non-GAAP measure, as we believe it provides additional TCE Rate2 $13,156 $10,395 27% meaningful information in conjunction with net revenues from vessels, the Daily Vessel OPEX $5,198 $4,985 most directly comparable US GAAP measure, and because it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. Our calculation of TCE rate may not be comparable to that reported by other companies. Income Statement Highlights: 3. Net of commissions Net Revenue3 $91,520 $74,834 22% 4. Earnings before interest, taxes, depreciation and amortization ("EBITDA") represents the sum of net income/(loss), interest and finance costs, interest 4 Adjusted Net Loss ($13,791) ($14,627) income, depreciation and amortization and, if any, income taxes during a Adjusted EBITDA4 $22,948 $14,113 63% period. Adjusted EBITDA and Adjusted Net Loss represent EBITDA and Net Loss respectively, adjusted to exclude the gain on debt refinancing that the Company believes is not indicative of the ongoing performance of its core Balance Sheet Highlights: operations. EBITDA, Adjusted EBITDA and Adj. Net Loss are not recognized measurements under U.S. GAAP. These non-GAAP measures should not be Cash & Restricted Cash $7,444 $11,039 considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP. In addition, these non- Vessels, Net $243,214 $254,730 GAAP measures do not have standardized meanings, and are therefore Long-term debt5 $214,570 $212,363 unlikely to be comparable to similar measures presented by other companies. See the Appendix for full EBITDA, Adj. EBITDA and Adj. Net Total Equity $21,303 $41,313 Loss reconciliation. 5. Includes arrangement fees and various deferred charges and excludes all convertible promissory notes
1919 Capitalization
December 31, 2018 Actual Debt: Long-term debt1 $214,570 Convertible promissory notes $11,124 Total Debt $225,694
Shareholders' equity: Total equity2 $21,303
Capitalization: Total capitalization: $246,997
1. Includes arrangement fees and various deferred charges and excludes all convertible promissory notes 2. Includes $35.4 million of the total outstanding $38.8 million in convertible promissory notes that are classified under equity in accordance with the beneficial conversion feature guidance of U.S. GAAP.
2020 21 22 Appendix: Adj. EBITDA, Adj. Net Loss Reconciliation
in ‘000 USD except fleet data FY 2018 FY 2017 EBITDA reconciliation: Net loss ($21,058) ($3,235) Add: Net interest expense $25,213 $17,352 Add: Depreciation and $11,510 $11,388 amortization Add: Taxes $16 - EBITDA $15,681 $25,505 Add: Impairment Loss $7,267 - Less: Gain on debt refinancing - $11,392 Adjusted EBITDA $22,948 $14,113
Net Loss reconciliation: Net loss ($21,058) ($3,235)
Add: Impairment Loss $7,267 -
Less: Gain on debt refinancing - $11,392
Adjusted Net Loss $13,791 $14,627
23 Secondhand Market Supports Low NB Ordering
▪ Low secondhand prices compared to newbuilding prices has resulted in low levels of vessel contracting, as prospective returns on new orders remain less attractive ▪ During the last 5 years, the ratio peaked in January 2014 at 0.93, or 53% higher than March 2019 levels ▪ Low ordering is expected to continue due to freight rate volatility, financial constraints due to existing fleet capex requirements (upgrades required to ensure compliance with new regulations), limited finance availability and limited quality yard capacity
Source: Seanergy analysis, Clarksons Timeseries
24 Access to Capital Markets
Seanergy Maritime Holdings Seanergy Maritime Holdings Corp. Corp.
$4.9 Million $3.6 Million Registered Direct Offering Registered Direct Offering
August 2016 November 2016
Seanergy Maritime Holdings Seanergy Maritime Holdings Corp. Corp.
$17 Million $2.9 Million Marketed Public Offering ATM Offering
December 2016 Feb – Apr 2017
25 Corporate Structure
26 Organizational Chart
27 Key Executives
▪ Master Mariner with 23 years of seafaring and onshore experience Aristeidis Lagos ▪ Extensive experience in management, safety, marine, operations and quality assurance Chief Operating Officer ▪ Proven track record in senior management positions
▪ 15+ years in technical and engineering positions Stelios Psillakis ▪ Seagoing experience in various types of vessels as chief engineer Chief Technical Officer ▪ 10 years of on-shore experience in major shipping companies in senior engineering roles
▪ 13+ years of experience in shipping and banking with a diversified academic background including two Masters degrees ▪ Held key positions across a broad shipping finance spectrum, including, asset backed lending, debt and corporate restructurings, risk Stavros Gyftakis management and financial syndications Chief Financial Officer ▪ Participated in the structuring of 100+ shipping finance transactions and in numerous restructurings involving public and private shipping companies
▪ 15+ years experience in finance and accounting, holds a doctorate degree Christos Sigalas ▪ 12 years of corporate finance experience, 10 years of which in the shipping industry Financial Manager ▪ 14 years of academic experience in the fields of strategic and financial management ▪ Extensive experience in asset-backed lending, debt restructuring and business valuation
▪ 15+ years of shipping law experience Theodora Mitropetrou ▪ 10+ years of in-house experience with US-listed shipping companies General Counsel ▪ Practiced with established shipping law firms advising owners and lenders ▪ Experience in corporate, commercial, shipping and finance law
28 Commercial & day-to-day Technical Management
▪ Exclusive to Seanergy for Capesize commercial management ▪ 28+ years experience in dry bulk shipping, serving as Chief Commercial and Operations Officer and a director of NASDAQ listed Quintana Maritime from its inception in 2005 until its sale in 2008, with responsibilities including strategic planning and management of 40 Panamax and Capesize vessels. ▪ Extensive experience in negotiating shipbuilding contracts and complex chartering agreements, including leading Nikos Frantzeskakis roles in (i) the acquisition agreement and supervision of the construction of 13 x 82000 Kamsarmax vessels at Principal of Fidelity Marine Inc. Tsuneishi Fukuyama Shipyard (2006) and (ii) the shipbuilding contracts for 7 Capesize vessels at Imabari and SWS (2007) ▪ From 1988 to 2004 he was a senior chartering broker at Navatrade S.A., a leading commercial management firm, responsible for supervising more than 50 ships with a combined deadweight capacity of 3 million tons ▪ A graduate of City of London Polytechnic, he has significant dry bulk sea-going experience
Role: ▪ Daily technical management of vessels ▪ Established in 1991, VShips Group provides full technical management services to a fleet of over 1,100 vessels (Cyprus) Technical Manager Description: ▪ Holds Marine, Safety & Quality certificates awarded by United States Coast Guard and other governmental & non-governmental agencies
▪ Holds both ISO 9001 & ISO 14001 certificates
29 Strong major shareholder: Restis - Breibart family
▪ Evan Breibart is an experienced shipping executive, investor and lawyer. ▪ In 2013, Evan and his wife, Claudia Restis, established Jelco Delta Holding Corp. Jelco Delta acquired a controlling stake in Seanergy in 2014 and has since served as Seanergy's major shareholder providing both financial and strategic advisory support. ▪ Evan served from 2001 until 2012 as general counsel of the Athens based Restis Group, one of the largest private shipping companies in Greece. During that period, he was instrumental in growing the family fleet from 18 reefer vessels to over 120 dry bulk and tanker vessels. He was responsible for Restis - Breibart negotiating and executing a broad range of high value strategic transactions, including the Family acquisition of the dry bulk division of South African Marine Corporation, the en bloc acquisition of Major Shareholder over 30 dry bulk vessels from MISC, a US$1bn plus newbuilding program in Korea and the PRC, a large number of vessel sale and purchase transactions, mortgage backed ship finance and capital markets fund raising (both debt and equity). He was also instrumental in establishing a number of shipping related joint venture companies including SwissMarine and Paramount Tankers and served as a founding officer and director of those companies. ▪ In 2011, Evan established a family office, through which he and his family invest in private equity, real estate, art and other asset classes. ▪ Evan previously practiced shipping law with leading solicitors Watson Farley William and Holman Fenwick Willan.
Our major shareholder invests in dry bulk shipping exclusively through Seanergy with contributions since 2015 of ~$77 million
30 31